EMV-Chip Cards - Advantage Bank
Consumer Tips April 2015
What You Need to Know About EMV
and Chip Cards
Recent data breaches and identity theft reports have
heightened consumer awareness around the security of
payments. Consumers may find themselves asking, “How
can I better protect myself and my personal financial
information?” EMV cards, also known as chip cards, allow
consumers to conduct all of their daily card transactions
with added security features to protect their information.
And more than likely, EMV cards are coming to a bank
near you soon.
Carry your chip card with confidence. By storing your
card’s data on a chip, your account information can be
changed dynamically with every use, making it nearly
impossible for fraudsters to successfully copy. This is a
big advance from magnetic stripe cards.
Harness its security advantage. Chip cards protect
against fraud resulting from counterfeit, lost and stolen
cards by providing strong transaction security features
not possible with traditional magnetic stripe cards.
What is EMV?
EMV—an abbreviation for Europay, MasterCard and
Visa—is an internationally adopted payments standard
that utilizes microchip technology to authenticate and
process debit card and credit card transactions. EMV
cards contain an embedded microchip that provides
stronger security features not possible with traditional
magnetic stripe cards.
Insert your card in the terminal. Rather than swiping a
traditional magnetic stripe card, cardholders will insert or
“dip” a chip card into the reader where it will stay for the
duration of the transaction, similar to the way most ATMs
work today. Although your chip card still has a magnetic
stripe to accommodate older terminals, newer terminals
with a chip reader will prompt you to insert your chip card
instead.
Why is EMV so important?
Simply put, chip cards are more secure. By using the chip
technology instead of traditional magnetic stripe
technology, chip cards offer enhanced protection of
cardholder information while also reducing fraud resulting
from counterfeit, lost and stolen cards. For example,
fraud from lost and stolen cards was cut in half when chip
cards were introduced in the U.K. Convenience while
traveling internationally is an additional benefit of chip
cards. Many other countries have already adopted the
EMV standard so you can easily use your chip card when
traveling abroad. And not to worry, make your online
purchases with your chip card in the same way you use a
magnetic stripe card.
Pocket your card when done. Don’t leave your card
behind! Since your chip card will remain in the terminal
during the transaction, remember to take your card after
the transaction is completed.
So, what’s different?
For now, chip cards still feature a magnetic stripe so they
work on all payment terminals and ATMs. However, using
your chip card will mean a slightly different experience at
the checkout counter. To help remember some key points
about using a chip card, think CHIP:
While chip cards offer a higher level of security, current
magnetic stripe cards will continue to be secure,
especially if you keep your PIN a secret. Be sure to
monitor your card activity regularly and immediately
report lost or stolen cards. For more information about
EMV, chip cards and how to get yours today, contact your
local community bank.
This information is provided with the understanding that
the association is not engaged in rendering specific
legal, accounting or other professional services. If
specific expert assistance is required, the services of a
competent, professional person should be sought.
Provided as a public service by the member bank s of the
Community Bank ers Association of Ok lahoma.
Contact: Community Bankers Association of Oklahoma (405)-524-4122
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